• Short Summary

    STERLING GOT OFF TO A GOOD START WHEN THE FOREIGN EXCHANGE MARKET WAS RESUME IN LONDON THIS MORNING (TUESDAY).

  • Description

    STERLING GOT OFF TO A GOOD START WHEN THE FOREIGN EXCHANGE MARKET WAS RESUME IN LONDON THIS MORNING (TUESDAY). IN NEW YORK YESTERDAY DEVALUATION OF THE POUND PRICES DOWNWARD FOLLOWING THE OPENING BELL,BUT BY THE END OF THE DAY MOST STOCKS HAD RECOVERED CONSIDERABLY.

    THE LONDON MARKET RESUMED THIS MORNING AFTER A DAY'S CLOSURE FOLLOWING THE WEEKEND ANNOUNCEMENT OF DEVALUATION OF THE POUND TO 2.400 DOLLARS. TODAY'S FIRST QUOTATIONS BY DEALERS RANGED BETWEEN 2.4175 AND 2.4200 AND WITHIN MINUTES THE LOWER LIMIT HAD BEEN RAISED TO 2.4190. EXPERIENCED MARKET OBSERVERS BELIEVED DEALERS WOULD BE CAUTIOUS UNTIL IT WAS SEEN HOW THE MARKET SETTLED DOWN. BRITISH INDUSTRIAL SHARES RECOVERED PART OF THEIR LOSSES AS THE DAY PROGRESSED WHILE GOLD COPPER SHARES FELL BACK FRACTIONALLY. AUSTRALIAN MINING SHARES WERE RECORDING SHARP GAINS. STERLING HOLDERS WHO SOLD LAST WEEK AT THE OLD FLOOR PRICE AND BOUGHT BACK TODAY AT THE NEW CEILING PRICE MADE PROFITS OF ABOUT 15 PER CENT.

    ON WALL STREET THE STOCK MARKET NOSE-DIVED IN HEAVY EARLY TRADING YESTERDAY,BUT LATER RECOVERED MOST OF ITS LOSS. THE DOW JONES AVERAGE OF 30 INDUSTRIAL SLUMPED 14.96 POINTS IN THE FIRST HALF HOUR OF TRADING, BUT PRICES BEGAN TO FIRM AROUND MIDDAY AND CLOSED AT THEIR BEST LEVELS OF THE SESSION.

    THE DEVALUATION OF THE POUND AND THE INCREASE IN THE U.S. DISCOUNT RATE WERE THE COMBINING FACTORS WHICH PRODUCED THE EARLY URGE TO SELL.

  • Tags

  • Data

    Film ID:
    VLVAA7HLB1O8KVNAE75FXDXIESE3Q
    Media URN:
    VLVAA7HLB1O8KVNAE75FXDXIESE3Q
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    21/11/1967
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:44:00
    Time in/Out:
    /
    Canister:
    N/A

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